Stock Market Today: Dow Jones Rises As Inflation Data, Nvidia Earnings Loom; PDD Plunges
The Dow Jones Industrial Average and other major stock indexes were mixed Monday, with a pivotal earnings report from Nvidia (NVDA) and critical inflation data due in coming days. An early earnings loser on the stock market today was Chinese retailer PDD (PDD), which plunged on earnings.
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After the opening bell, the Dow Jones Industrial Average rose 0.5%, while the S&P 500 moved up 0.1%. The tech-focused Nasdaq composite lost 0.2% in early trading.
Early Monday, the 10-year Treasury yield dipped to 3.78%. Oil prices continued to rebound, as West Texas Intermediate futures stood near $77 .25 per barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) fell 0.2%, while the SPDR S&P 500 ETF (SPY) moved up 0.1% after the open.
A key focal point this week is Nvidia’s earnings report, scheduled for release late Wednesday. Wall Street expects the artificial intelligence giant to earn 65 cents per share on revenue of $28.7 billion, according to FactSet.
Nvidia stock dropped 0.5% Monday. Shares are forming a cup base that has an official buy point at 140.76. An early entry looms at 136.15, the stock’s July 11 high.
Step Aside, Tesla. This Stock Wants Your Mag 7 Card.
Stock Market Today
This week’s economic highlight comes Friday, when the Commerce Department releases the Federal Reserve’s primary inflation gauge for July as part of Friday’s personal income and outlays report. The core personal consumption expenditures, or PCE, price index is expected to rise between 0.1% and 0.2%. That should lower the 3-month annualized core inflation rate to 2% or lower for the first time since December.
An earnings mover Monday morning was PDD, which plummeted more than 26% after missing sales estimates. The China-based parent of Temu and Pinduoduo also warned that future revenue growth will “inevitably face pressure” from competition and other factors.
Other earnings reports this week include Lululemon Athletica (LULU), Ulta Beauty (ULTA), Lands’ End (LE) and Burlington Stores (BURL), along with fellow retailers Abercrombie & Fitch (ANF), Nordstrom (JWN), Gap (GPS) and Foot Locker (FL).
Tesla Toppled As Nvidia Nips At Apple And Microsoft
Dow Jones Rebounds
On Friday, the Dow Jones Industrial Average moved up 1.1%, while the S&P 500 rallied 1.2% and the tech-heavy Nasdaq composite climbed 1.5%.
During Friday’s IBD Live show, the IBD Live team discussed the current trading conditions and how investors should handle the stock market today.
Now is an important time to read The Big Picture column amid the ongoing market action. Also, be sure to read how to adjust to changing market conditions, with IBD’s new exposure levels.
Nvidia Ties Microsoft As Both Mag 7 Stocks Take Aim At Apple
Stock Market Today: Best Stocks To Watch
Among the best companies to watch on the stock market today are Birkenstock (BIRK), Meta Platforms (META), Netflix (NFLX) and Shake Shack (SHAK).
Also on the list are Dow Jones components Amazon (AMZN), Apple (AAPL), Home Depot (HD), IBM (IBM) and Microsoft (MSFT).
Birkenstock and Netflix featured in this Stocks Near A Buy Zone column.
There were four new stocks on IBD MarketSurge‘s “Breaking Out Today” list Friday. Notably, AAON (AAON) topped a 94.67 cup-with-handle buy point. Shares gained 0.5% in morning action Monday.
Further, there are a handful of stock ideas on the site’s “Near Pivot” list. These are top stocks nearing new buy points, like TransDigm (TDG). TransDigm stock is nearing a 1,369.58 cup-base entry, as it was unchanged Monday morning.
To find more stock ideas, check IBD Stock Lists like IBD 50, Big Cap 20 and Stocks Near A Buy Zone.
Get Real-Time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard
Dow Jones: Home Depot, IBM
Among Dow Jones components, Home Depot is just below a 375.74 handle buy point, according to MarketSurge pattern recognition. Shares were up 0.5% Monday morning.
Meanwhile, IBM is attempting to break out past its latest entry, a cup-with-handle buy point at 196.26. IBM stock rose 0.4% Monday.
Outside the Dow Jones index, Birkenstock is at a 61.83 flat-base buy point following last week’s breakout move. Shares gained 0.6% early Monday.
Streaming giant Netflix is below late-stage cup base’s 697.49 buy point. Netflix stock was down slightly Monday.
And Shake Shack‘s recent breakout move past a cup-with-handle entry at 105.68 is back on track following three days of gains. Shares climbed 0.7% early Monday.
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Stock Market Today: Companies To Watch
These are four stocks in or near buy zones in today’s stock market.
| Company Name | Symbol | Correct Buy Point | Type Of Buy Point |
|---|---|---|---|
| Ferrari | (RACE) | 442.80 | Flat base |
| Shake Shack | (SHAK) | 111.29 | Cup base |
| ServiceNow | (NOW) | 806.52 | Handle entry |
| Birkenstock | (BIRK) | 61.83 | Flat base |
Source: IBD Data as of Aug. 26
Join IBD Experts As They Analyze Leading Stocks In The Stock Market Today On IBD Live
Magnificent Seven Stocks: Meta, Tesla
Among Magnificent Seven stocks, Meta Platforms and Tesla lost 1.3% and 1.4%, respectively, in morning trading.
Meta stock attempted a breakout above a 542.81 buy point last week, but is just below the entry. In early action, Meta fell further below that buy point.
Tesla stock rebounded 4.6% Friday, as shares of the electric-vehicle giant closed back above their 50-day moving average.
Dow Jones Leaders: Amazon, Apple, Microsoft
Among Dow Jones components in the Magnificent Seven, Amazon, Apple and Microsoft traded narrowly lower after Monday’s stock market open.
Amazon shares decisively reclaimed their long-term 200-day line on Aug. 15. The stock fell 0.2% Monday morning.
Apple stock is building the right side of a new base after recapturing its 50-day line in recent weeks. Apple edged lower Monday.
Microsoft shares continue to hold below their 50-day line as a new base takes shape. And on Monday morning, the stock was down 0.3%.
Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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